China News Network, June 6 -- The US Fox News Network released an opinion article on May 1, saying that the debt ceiling agreement reached by US President Biden and House Speaker McCarthy cannot solve the US runaway debt problem. The biggest losers of the debt deal are the American people, and Republicans and Democrats are desperate to leave the American people in debt.
On April 4, local time, customers shop at a supermarket in Millbrae, California, USA. The US Department of Labor released data on the same day, saying that the US consumer price index (CPI) in March rose 12% year-on-year and 3.5% month-on-month. Photo by China News Agency reporter Liu Guanguan
"While we are staring at the once-unimaginable $32 trillion national debt, our leaders are trying to quickly pull another debt from the people who are supposed to fight and speak for them," the article commented. ”
Recent polls showed that a majority said they would only support a plan to raise the debt ceiling with legal spending cuts. Americans understand that it is irresponsible to spend $2 trillion more a year than before the pandemic began.
The report pointed out that the debt agreement reached by Biden and McCarthy is a typical Washington behind-the-scenes agreement. The U.S. finances are in dire shape right now, and this debt deal is completely incapable of coping. Any American family with a huge debt will sit down and really solve the problem, instead of constantly procrastinating and kicking the ball everywhere. The American people are tired of the "deaf politicians" of the United States.
The agreement postponing the debt ceiling until after January 2025 makes no sense. The deal is a mockery of spending cuts that most believe make sense, as it recouped only a fraction of unspent pandemic funds.
In addition, Fox News said that 79 percent of Republicans, 58 percent of independents and 45 percent of Democrats believe that real spending cuts in exchange for raising the debt ceiling are justified.
"So it's hard to understand why McCarthy's team didn't ask for more when it was clear that the American people were on their side." Fox News commented.
The size of the US federal government debt reached the statutory debt ceiling of $1.19 trillion on January 31. The U.S. Treasury Department began taking unconventional measures on Jan. 4 to avoid defaulting on government debt. The U.S. Treasury Department expects that if Congress does not act, it is estimated that by June 1, Treasury funds will not be sufficient to meet payment obligations.
It is also reported that on May 5, local time, the US House of Representatives voted to pass the newly agreed debt ceiling bill. Next, the bill needs to pass the Democratic-controlled Senate before it can be sent to President Joe Biden to sign into law.
The bill stipulates that the federal government's debt ceiling will be suspended until early 2025; FY2024 and FY2025 budgets will be limited; recovery of unspent COVID funds; Stricter restrictions on work requirements for certain social welfare recipients, etc.